We have now reconciled to the fact that we need to petition for our own bankruptcy following house repossession and a number of months trying not to ......
We need to save up the fees needed ( c £1000 for the both of us to go bankrupt ) which will take us a 2-3 months whilst we cease any payments to our creditors.
My question is ... What can the Creditors do during that 2-3 months period whilst we stall them before bankruptcy ? Can they call in Bailiffs etc ?
None of the debts has yet been served by a default notice .... debts total £135,000 ( including what was a substantial mortgage shortfall of c £90,000 - the rest being loans, credit cards ). We are now in rented property and have no realistic assets to woory about.
Should I just tell all the creditors that we going to petition for our own BR now ? or do I just wait and stall them until the last minute ?
I seem to remember that you were giving the house back to the mortgage company last summer and moving into rented.
Once you have made the decision to go Br you need not pay any further money to creditors and if they speak to you there is no harm at all in advising them you are going to petition for Br.
Unless you have a County Court Claim form already there is little action that can be taken for at least 90 days other than telephone calls and letters etc.
Thanks for the advice - just need to save enough money for the two fees and set the wheels in motion then ..... one further question if I may .... we have c £600 Disposable Income per month after first stab at Income / Expenditure -- how much of that will the OR want to take for our creditors or does that just depend on the OR / Debt owed etc ?
PS : Extremely useful website / forum ... not only for real advice but for some sort of peace of mind as people go through real difficulty ! Thanks again.
PPS : Just for forum info - the house was given back and was eventually sold by the primary mortgage company ( more like given away! ) at c 60% of the market price at the time leaving us with a massive debt because of previous mortgage shortfall.
Period between now and Bankruptcy
Posted - 29 April 2009 : 22:40:43
